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Summary

This book is a practical approach to law that emphasizes current and relevant topics for business transactions. The basic business law concepts are covered without the excessive theory that often makes the law seem incomprehensible. The substantial breath of this text, laden with examples and cases, is an effective introduction to a variety of legal topics.

Table of Contents

Preface

ix

Part 1: The Legal System and the Legal Environment of Business

1

(48)

Introduction to Law

2

(9)

Objectives of Law

3

(1)

Roots of Our Legal System

3

(1)

The Common Law

3

(1)

Equity

4

(1)

Sources of Law

4

(2)

Civil Versus Criminal Law

6

(2)

Tort Law

8

(1)

Ethics

8

(2)

Questions

10

(1)

Internet Resources for Business Law

10

(1)

Courts and Court Procedure

11

(11)

Function of the Courts

11

(1)

Jurisdiction of Courts

12

(1)

Classification of Courts

13

(4)

Court Officers

17

(1)

Procedure in Courts of Record

18

(1)

Procedure in Small Claims Court

19

(1)

Questions

20

(1)

Internet Resources for Business Law

21

(1)

Business Torts and Crimes

22

(17)

Torts

22

(2)

Interference with a Contract or Economic Advantage

24

(4)

Crimes

28

(1)

Types of Business Crimes

28

(7)

Questions

35

(1)

Case Problems

35

(3)

Internet Resources for Business Law

38

(1)

Government Regulation of Business

39

(10)

Purpose of Regulation

40

(1)

Administrative Agencies

40

(2)

Antitrust

42

(2)

Environmental Protection

44

(2)

Questions

46

(1)

Internet Resources for Business Law

47

(2)

Ethics in Practice

47

(2)

Part 2: Contracts

49

(100)

Nature and Classes of Contracts

50

(9)

Requirements for a Contract

51

(1)

Contracts Contrasted with Agreements

51

(1)

Classification of Contracts

52

(4)

Questions

56

(1)

Case Problems

57

(1)

Internet Resources for Business Law

58

(1)

Offer and Acceptance

59

(10)

Requirements of a Valid Offer

60

(1)

Invitations to Make Offers

61

(2)

Duration of the Offer

63

(1)

The Acceptance

64

(1)

Counteroffers

65

(1)

Inquiries Not Constituting Rejection

66

(1)

Manner of Acceptance

66

(1)

Questions

67

(1)

Case Problems

67

(1)

Internet Resources for Business Law

68

(1)

Capacity to Contract

69

(10)

Minors

70

(4)

Mentally Incompetent Persons

74

(1)

Intoxicated Persons

74

(1)

Convicts

75

(1)

Questions

76

(1)

Case Problems

76

(2)

Internet Resources for Business Law

78

(1)

Consideration

79

(9)

Nature of Consideration

79

(1)

Adequacy of Consideration

80

(4)

Exceptions to Requirement of Consideration

84

(1)

Questions

85

(1)

Case Problems

86

(1)

Internet Resources for Business Law

87

(1)

Defective Agreements

88

(14)

Mistakes

88

(1)

Mistakes that Invalidate Contracts

89

(2)

Mistakes that Do Not Invalidate Contracts

91

(2)

Fraud

93

(2)

Duress

95

(2)

Undue Influence

97

(1)

Remedies for Breach of Contract Because of Fraud, Duress, or Undue Influence

97

(1)

Questions

98

(1)

Case Problems

98

(3)

Internet Resources for Business Law

101

(1)

Illegal Agreements

102

(11)

Contracts Prohibited by Statute

103

(5)

Contracts Contrary to Public Policy

108

(1)

Questions

109

(1)

Case Problems

110

(2)

Internet Resources for Business Law

112

(1)

Written Contracts

113

(10)

Reasons for Written Contracts

113

(1)

Statute of Frauds

114

(4)

Note or Memorandum

118

(1)

Other Written Contracts

118

(1)

Parol Evidence Rule

119

(1)

Questions

119

(1)

Case Problems

120

(2)

Internet Resources for Business Law

122

(1)

Third Parties and Contracts

123

(10)

Involving a Third Party

123

(4)

Technicalities of an Assignment

127

(2)

Joint, Several and Joint and Several Contracts

129

(2)

Questions

131

(1)

Case Problems

131

(1)

Internet Resources for Business Law

132

(1)

Termination of Contracts

133

(16)

Methods by Which Contracts Are Terminated

133

(6)

Remedies for Breach of Contract

139

(3)

Malpractice

142

(1)

Questions

142

(1)

Case Problems

143

(2)

Internet Resources for Business Law

145

(4)

Ethics in Practice

145

(1)

Summary Cases

146

(3)

Part 3: Personal Property

149

(32)

Nature of Personal Property

150

(13)

Personal Property

150

(2)

Methods of Acquiring Personal Property

152

(3)

Bailments

155

(1)

The Bailment Agreement

155

(1)

Delivery and Acceptance

156

(1)

Return of the Bailed Property

156

(1)

Types of Bailments

157

(2)

Conversion of Bailed Property by the Bailee

159

(1)

Questions

159

(1)

Case Problems

160

(2)

Internet Resources for Business Law

162

(1)

Special Bailments

163

(18)

Carriers

163

(1)

Liability of Common Carriers of Goods

164

(8)

Hotelkeepers

172

(2)

Questions

174

(1)

Case Problems

175

(2)

Internet Resources for Business Law

177

(4)

Ethics in Practice

177

(1)

Summary Cases

178

(3)

Part 4: Sales

181

(56)

Sales of Personal Property

182

(9)

Property Subject to Sale

183

(1)

Sales and Contracts to Sell

183

(1)

Sales of Goods and Contracts for Services

184

(1)

Price

184

(1)

Existing Goods

185

(1)

Future Goods

186

(1)

Bill of Sale

186

(1)

Illegal Sales

187

(1)

International Sales Contracts

188

(1)

Questions

188

(1)

Case Problems

188

(2)

Internet Resources for Business Law

190

(1)

Formalities of a Sale

191

(8)

Multiple Purchases and the Statute of Frauds

192

(1)

When Proof of Oral Contract Is Permitted

192

(3)

Nature of the Writing Required

195

(1)

Questions

196

(1)

Case Problems

196

(2)

Internet Resources for Business Law

198

(1)

Transfer of Title and Risk in Sales Contracts

199

(14)

Potential Problems in Sales Transactions

200

(1)

Classification of Sales Transactions

200

(1)

Ownership, Insurable Interests, and Risk of Loss in Particular Transactions

201

(3)

Damage to or Destruction of Goods

204

(2)

Sales on Approval and with Right to Return

206

(1)

Special Rules on Transfer of Title

207

(3)

Questions

210

(1)

Case Problems

210

(2)

Internet Resources for Business Law

212

(1)

Warranties, Product Liability, and Consumer Protection

213

(24)

Express Warranties

214

(1)

Implied Warranties

215

(1)

Full or Limited Warranties

215

(1)

Warranties of All Sellers

215

(3)

Additional Warranties of Merchant

218

(1)

Warranties in Particular Sales

219

(1)

Exclusion and Surrender of Warranties

220

(2)

Product Liability

222

(2)

Identity of Parties

224

(1)

Nature and Cause of Harm

225

(1)

Consumer Protection

225

(6)

Questions

231

(1)

Case Problems

231

(3)

Internet Resources for Business Law

234

(3)

Ethics in Practice

234

(1)

Summary Cases

235

(2)

Part 5: Negotiable Instruments

237

(70)

Nature of Negotiable Instruments

238

(11)

History and Development

238

(1)

Negotiation

239

(1)

Order Paper and Bearer Paper

239

(1)

Classification of Commercial Paper

240

(1)

Parties to Negotiable Instruments

240

(3)

Negotiation and Assignment

243

(1)

Credit and Collection

244

(1)

Electronic Fund Transfers

244

(2)

Questions

246

(1)

Case Problems

246

(2)

Internet Resources for Business Law

248

(1)

Essentials of Negotiability

249

(9)

Requirements

249

(5)

Issue and Delivery

254

(1)

Delivery of an Incomplete Instrument

254

(1)

Date and Place

255

(1)

Questions

256

(1)

Case Problems

256

(1)

Internet Resources for Business Law

257

(1)

Promissory Notes and Drafts

258

(14)

Notes

259

(2)

Drafts

261

(2)

Checks

263

(6)

Questions

269

(1)

Case Problems

269

(2)

Internet Resources for Business Law

271

(1)

Negotiation and Discharge

272

(9)

Place of Indorsement

273

(1)

Multiple Payees

274

(1)

Kinds of Indorsements

275

(2)

Liability of Indorser

277

(1)

Obligation of Negotiator of Bearer Paper

277

(1)

Discharge of the Obligation

278

(1)

Questions

278

(1)

Case Problems

279

(1)

Internet Resources for Business Law

280

(1)

Liabilities of Parties and Holders in Due Course

281

(15)

Liability for the Face of the Paper

282

(5)

Liability for Warranties

287

(1)

Holders in Due Course

288

(2)

Holder Through a Holder in Due Course

290

(1)

Holders of Consumer Paper

290

(2)

Questions

292

(1)

Case Problems

292

(3)

Internet Resources for Business Law

295

(1)

Defenses

296

(11)

Classification of Defenses

297

(4)

Miscellaneous Matters

301

(1)

Questions

302

(1)

Case Problems

302

(1)

Internet Resources for Business Law

303

(4)

Ethics in Practice

303

(1)

Summary Cases

304

(3)

Part 6: Agency and Employment

307

(66)

Nature and Creation of an Agency

308

(12)

Importance of Agency

309

(1)

What Powers May Be Delegated to an Agent?

309

(1)

Who May Appoint an Agent?

309

(1)

Who May Act as an Agent?

310

(1)

Classification of Agents

310

(1)

Additional Types of Agents

311

(1)

Extent of Authority

312

(1)

Creation of an Agency

313

(2)

Other Employment Relationships

315

(1)

Questions

316

(1)

Case Problems

316

(3)

Internet Resources for Business Law

319

(1)

Operation and Termination of an Agency

320

(11)

Agent's Duties to Principal

321

(2)

Principal's Duties to Agent

323

(1)

Agent's Liabilities to Third Parties

324

(1)

Principal's Duties and Liabilities to Third Parties

325

(1)

Termination of an Agency by Acts of the Parties

325

(2)

Termination by Operation of Law

327

(1)

Notice of Termination

328

(1)

Questions

328

(1)

Case Problems

329

(1)

Internet Resources for Business Law

330

(1)

Employer and Employee Relations

331

(12)

Creation of Employer and Employee Relationship

332

(1)

Duties and Liabilities of the Employer

333

(1)

Common-Law Defenses of the Employer

334

(1)

Statutory Modification of Common Law

335

(1)

Liabilities of the Employer to Third Parties

336

(1)

Employee's Duties to the Employer

337

(1)

Federal Social Security Act

338

(2)

Questions

340

(1)

Case Problems

340

(2)

Internet Resources for Business Law

342

(1)

Employees' Rights

343

(16)

Discrimination

344

(6)

Testing

350

(2)

Protections

352

(2)

Other Sources of Rights

354

(1)

Questions

354

(1)

Case Problems

355

(3)

Internet Resources for Business Law

358

(1)

Labor Legislation

359

(14)

The Fair Labor Standards Act

360

(1)

The National Labor Relations Act and the Labor Management Relations Act